Summative Test - The 4 Ways to Protect Your Money

Write a check on 12/20/24. You need to pay Steven Show $70.00 for a car repair.

Write a check on 12/20/24. You need to pay Green Co. $45.00 for the tree removal.

Match the following

• Out-of-network ATM fee

• A fee for trying to make a payment or withdrawal without enough money.

• Wire transfer fee

• A charge for using an ATM that doesn’t belong to your bank’s network.

• Monthly maintenance/service fee

• A fee the bank charges every month to keep your account open.

• Overdraft fee

• A charge for sending money online.

What is an advantage of online banking?

• You get a payroll card

• Access to low cost loans

• Manage your money anytime from anywhere

• Free use of any ATM

What is an advantage of mobile banking?

• Your depository institution will let you choose the image on your debt card.

• You can use your bank’s app to manage your money right from your smartphone.

• Your bank will DoorDash money to you.

• Your account comes with a free cellphone.

How much simple interest will you earn by depositing $400 into a saving account for 3 years that pays a 4% interest rate? Write how much interest you'll earn, not how much money you'll have. Also, write the the amount as a number, so 5 not $5 : )

Mathematical Equivalence

ON

How much simple interest will you earn by depositing $1000 into a saving account for 5 years that pays a 2% interest rate? Write how much interest you'll earn, not how much money you'll have. Also, write the the amount as a number, so 5 not $5 : )

Mathematical Equivalence

ON

Who owns credit unions & who owns banks? Select two answers.

• Members own Credit Unions

• Investors own Credit Unions

• Members own Banks

• Investors own Banks

Do banks or credit unions charge lower fees?

• Banks charge lower fees

• Credit Unions charge lower fees

Which offers more products (loans and money delivery services), banks or credit unions?

Evaluate responses using AI:

OFF